The market opportunity for the kind of real-time salary data that PayScale provides is significant as more and more corporate enterprises adopt web-based technology applications
Seattle, WA (PRWEB) July 31, 2007
PayScale, Inc. today announced that it has secured an investment from SAP Ventures, the venture capital arm of SAP AG, to complete its Series C financing. In addition to SAP Ventures, PayScale received investment monies from the Corporate Executive Board, Allen & Company LLC, and all its previous investors. The Series C round totaled $10.3 million. PayScale will use the funds to further develop its innovative real-time salary product set and to expand its Fortune 1000 footprint.
"The market opportunity for the kind of real-time salary data that PayScale provides is significant as more and more corporate enterprises adopt web-based technology applications," said Dave Hartwig, Partner, SAP Ventures. "SAP Ventures believes there's great opportunity for technologies that provide rich and credible data to customers in a time-frame that is fast and 24x7. PayScale fits perfectly with that theme."
Historically, the process of determining prevailing salary and wage information has been manual, arduous, and prone to error due to lack of detail defining the companies and the jobs being compared. For decades companies have worked with old methodologies, and have difficulty determining the market rates of employees other than on very broad scales. PayScale makes salary information available in real time, with an un-matched level of depth and accuracy.
PayScale has launched the concept of anonymously comparing your salary online - in detail - to other real people with similar individual and job characteristics (e.g.., location, company type and size, job, experience, education, skills, and more.) Using an advanced search and proprietary matching technology, PayScale finds a relevant peer group from their data set that matches the user-provided job information. The system allows every user's job profile to be unique and relevant to his/her different job requirements. This creates a level of accuracy that cannot be achieved with traditional methodologies and allows individuals to better understand earning potential. PayScale Professional is PayScale's award-winning compensation data service for HR professionals and hiring managers and is a primary salary validator for more than 3,500 organizations worldwide.
"The addition of SAP Ventures to our investor group is a valuable and strategic addition. The opportunity for PayScale's real-time salary data to co-exist inside the enterprise with SAP software can provide HR professionals access to new and valuable information," said Michael Metzger, president and chief executive officer, PayScale, Inc.
PayScale is a market leader in online compensation and benefits data for employers and individuals. With the world's largest database of real-time individual employee compensation profiles, PayScale provides a precise snapshot of current market pay. PayScale's patent-pending profiling technology collects and indexes employee pay attributes and makes this data available through its online search tools and salary reports at http://www.PayScale.com. PayScale's tools help millions of employees maximize their earning potential and plan their careers, and PayScale Professional, PayScale's award-winning compensation data service for HR professionals and hiring managers, now provides real time salary information for more than 3,500 organizations worldwide. PayScale was founded in 2002 and is headquartered in Seattle, Washington.
About SAP Ventures
Established in 1996, SAP Ventures is the corporate venture investing arm of SAP AG. The fund focuses on information technology investing, with an emphasis on enterprise technologies and services. The team has amassed a track record of outstanding financial returns while providing a window on innovation to the SAP Ecosystem. The team works closely with their portfolio companies, providing advice and guidance and helping them connect with SAP and SAP's partners. CommerceOne, MySQL, RedHat, WebEx, and Virsa (SAP) are just a few of the companies in which SAP Ventures has invested. For more information please visit http://www.sap.com/company/sapventures/index.epx.